Analytics site DeFi Pulse today announced a new system to accelerate the listing of decentralized finance (DeFi) protocols.
According to Defi Pulse cofounder Scott Lewis, the team's new listing process will go live today. With the new system, the prospective project, rather than the site itself, will code the required adaptor using the Defi Pulse's software development kit (SDK) to feed statistics into the site's leaderboard.
Open-source protocol Aave was the first to go through the updated procedure, Lewis revealed, and will appear on the leadership board as soon as the new system goes live.
Four other projects – dForce, DeFi Saver, Numerai, and Robo Advisor for Yield (RAY) from Staked – are also building their project adaptors and will soon be listed.
The update is meant to streamline the listing process to cope with the growth of the DeFi ecosystem that's occurring today, Lewis said.
With the old listing process, the DeFi Pulse team has to interview prospective projects one-by-one, learn how their smart contracts work, and then code the project adaptors to get high-level statistics like total value locked.
As a result, it can take up to two weeks to add a new protocol depending on how complicated the smart contract is, Lewis said.
Nexus Mutual, for example, was easy to add because the value locked can be found by simply reading the ether balance in its smart contract. With protocols like InstaDApp, however, each user has their own set of DeFi positions. The DeFi Pulse team would then have to trace the user's activities on other protocols like Maker or Compound to find out how much value locked is associated with that one account.
“It created a large time burden on both the projects to give us these lessons and then also us to have to learn and code, when the best experts on how these smart contracts work are the team members themselves,” Lewis said.
The new listing process, on the other hand, lets prospective projects code the adaptor themselves and eliminates the need for DeFi Pulse to learn their smart contracts.
DeFi Pulse would first make a curation decision depending on whether a project fits the criteria of decentralized finance and whether it has a high level of user adoption. Approved projects would then start building their own project adaptors using Defi Pulse's SDK.
“This process removes us as a bottleneck for adding new projects onto DeFi Pulse,” Lewis said.
Right now, DeFi Pulse's decision-making regarding which project to list relies on a mix of the team's own intuition and the consensus of the community, he added, although the team plans to come up with a public guideline going forward.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.